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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.

The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of the cryptocurrency and a blockchain network started back in 2017, and Morgan Beller was the only person working in this direction. Soon he was joined by David Marcus, and by February 2019, about 50 people working in the course of development of this project. The development of Calibra is taking place under the supervision of Kevin Weil, and he is listed as the creator of the coin and the VP of Product for Calibra. The other creators of the currency are Morgan Beller and David Marcus.

The idea behind Libra is:

  • support from big firms gives coin intrinsic value
  • service for consumers to transfer money quickly and free
  • give over 2 billion people access to digital currency

The “HULK” Support

Libra Association is a Geneva-based non-profit organization that is among the major partners for the project with Facebook. At the time of announcement, the project was backed up by some big names from the industry like Facebook, PayPal, Mastercard, PayU, Coinbase, Spotify, eBay, Uber, etc. Several venture capitals and non-profit organizations are also part of the project.

With support from such big names from the industry, Libra is sure to grab some attention from the users as an emerging cryptocurrency platform. All the companies involved in the project are big established firms from their respective fields. However, most of the companies have clarified that they haven’t joined officially, and they will only participate once the platform clears all the regulatory requirements. Libra Association is planning to let the memberships increase and aim for 100 members in the market.

Difference between Libra and Other Cryptocurrencies

Libra is no different from other cryptocurrencies (like Bitcoin, Ethereum, Tron, Xrp, Litecoin etc) as just like them; Libra is also a digital currency that would be available on a network and has no physical presence in the system. The transactions that would take place on the platform will be stored on a blockchain. In the initial stages, the blockchain will be managed by the founding members, and with time, it will turn into an open system.

The crypto market is well-known for its volatility and the fluctuations that take place in the charts and prices of the cryptocurrencies. The reason behind these trends is that the cryptocurrencies are not backed up by any institution, which leads to wild patterns in the charts. In this matter, Libra won’t face many problems as the cryptocurrency is backed up by over 20 companies.

Is the road to Libra coming to a dead end due to governments?

Libra was announced in June, and since the announcement, the crypto project is facing troubles from the authorities and governments on a global level. The announcement grabbed the attention of the U.S. Regulating authorities, and the development of the project paused while the governments began questioning about the working and aims behind the project.

Note: Facebook’s association with the name is causing most of the troubles as earlier, Facebook failed to protect its user’s data from a data breach.

The association of Facebook with the project has caused problems for the launch as the companies associated as the authorities are also questioning the members. They have even suggested some major companies back out from the membership as the odds are that the crypto project won’t get a green signal from the board for a few months.

However, there are several countries like Kenya, Zimbabwe, etc., where more than 70%-90% of people are using cryptocurrencies like M-Pesa and Ecocash money systems. Australia is among the few countries that accept Bitcoin as a form of payment for everything. The reason behind this backlash from the governments is that they have concerns regarding the cryptocurrencies and their working.

Bruno Le Maire, the Minister of Economy and Finance, and suggested that the project will not be launched in Europe as it might cause harm to the financial market of the country. The U.S. Treasury has advised the cryptocurrency platforms to make anti-money laundering measures a part of the internal design. As the government regulatory bodies took strict decisions related to Libra, the project lost support from Mastercard, Visa, PayPal, and other firms as they wanted to stay away from the chaos.

Is Libra an asset for the crypto market or a liability?

Recently, a meeting took place in which David Marcus addressed the SEC, the U.S. regulators and officials from 25 central banks from the world to answer their questions and help them understand the platform in a better way. David explained how Libra could help every person have access to currencies and how it can act as an asset for the crypto market.

It would be safe to say that Facebook is desperate to launch the project as they are even willing to work with the regulators and follow the regulations and rules issued by the authorities. However, it can be a problem as there are some major countries where the cryptocurrencies are banned, for example, India.

With a user-base of 251 million, India is the biggest market for Facebook, but unfortunately, cryptocurrencies are banned in India. This can cause issues for the cryptocurrency as it will lose its biggest market. The Libra team is trying its best to convince the government to give them a chance as their statements are covered by various news aggregators from all over the world. They believe that Libra can also help the government meet its goals of sustainable development, like eliminating poverty and gender equality.

Conclusion

Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments. The Libra project is discussed openly, and several media platforms and news aggregators cover the latest updates. However, Facebook’s association with the project also questions the credibility of the project due to it’s corrupted reputation in the past.

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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